dec 6, 2018 - China's Tianqi Lithium Corp. purchased 23.77% stake in SQM

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A total of 62,556,568 A shares in SQM were sold for $4.066 billion at a minimum price of $65 per share, the Chilean Stock Exchange said in the Chilean morning of Monday December 3.

All formalities for the completion of this deal will be finalized by Wednesday December 5, according to Tianqi. The deal also allows Tianqi to nominate three directors to SQM’s board during the next shareholder meeting in April next year.

The Tianqi-SQM deal follows a trend seen over the past two years in the lithium industry where major companies are diversifying their portfolios to include both hard rock and brine operations. The aim of the diversification is to increase output to fulfill demand from the battery industry and spread asset risk.

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